The global Non-Destructive Testing Market size is anticipated to reach USD 22.9 billion by 2028, registering a CAGR of 6.7% over the forecast period, according to a new report by Grand View Research, Inc. The market is anticipated to witness significant growth over the forecast period. The growth is ascribed to the increasing manufacturing in the developing as well as developed nations.
The use of non-destructive testing (NDT) helps in
detecting the faults precisely, reducing the product/component failure probability
as well as costs incurred in the repairs of the components. The use of NDT also
speeds up the process of manufacturing as the possible faults are eliminated
beforehand. The key factor expected to drive the market is the technological
advancements in non-destructive testing methods. Improvements in the techniques
have ensured deviation-free fault detection and have reduced the complexity
involved in the testing procedures considerably.
The ultrasonic testing segment is expected to witness
significant growth. This growth is ascribed to the ease of handling the
equipment, availability of skilled technicians, and precise fault detection.
The manufacturing segment is expected to deploy NDT techniques extensively over
the forecast period owing to the increasing awareness regarding their use.
Related Press Release@ Non-destructive Testing Market Report
Non-destructive Testing Market
Report Highlights
- The market is expected to exhibit a CAGR of 6.7% over the next
eight years owing to a rise in manufacturing-related activities, globally
- The services segment accounted for the largest revenue share of
over 73.0% in 2020. The high upfront cost of non-destructive equipment
coupled with technical complexities involved in their
deployment/installation is the major reason influencing end-users to
outsource their non-destructive testing operations
- Rapid industrialization, especially in developing economies has
significantly contributed to the growth of the market
- The ultrasonic testing segment is expected to witness a significant
CAGR of 7.5% over the forecast period owing to the benefits such as ease
of handling and precise results
- The manufacturing vertical segment was the dominant segment in 2020
and is expected to witness a healthy CAGR of more than 7.6% over the
forecast period owing to the increased manufacturing activities primarily
in Asia Pacific
- North America dominated the market in 2020 and accounted for the
largest revenue share of more than 35.0%, owing to the extensive adoption
of NDT techniques in the region
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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